Posts Tagged: ‘Chapter 13’

Can a Person File for Bankruptcy More Than Once?

May 2, 2018 Posted by kingcade

Many clients want to know if a previous bankruptcy filing is going to prevent them from being able to file again. Many factors go into when and whether it can be done, but the two biggest factors are what type of bankruptcy was filed previously and how long ago the case was filed.

No Bar for Subsequent Filings Exist

The good news for bankruptcy filers is there are no limits on the number of times a person can file for bankruptcy. However, the bankruptcy courts do not want to see individuals misuse the system with multiple filings made in bad faith. It is for this reason that the law does impose certain statutory requirements and prerequisites that filers must meet to be able to file again. If an individual has filed for bankruptcy previously, it is important that he or she contact an experienced bankruptcy attorney to discuss the options available, as well as the requirements for filing again.

Previous Chapter 7 Bankruptcy Filing

If the previous bankruptcy filing was a Chapter 7 case, the individual must wait at least eight years from the date of the previous bankruptcy filing before filing a second filing, if that person wants to file another Chapter 7 case. However, if the person filed a Chapter 7 bankruptcy case for the first filing but now wants to go forward with a Chapter 13 reorganization case, the time is shorter, and that person must only wait four years from the date of the first bankruptcy filing date.

Previous Chapter 13 Bankruptcy Filing

If the previous bankruptcy filing was Chapter 13, certain time limits do apply. If the previous case resulted in a bankruptcy discharge, the filer must wait at least six years from the date the first Chapter 13 case was filed before he or she can file for and get another discharge in a later Chapter 7 case. However, exceptions do exist to this rule. If the filer paid back all of his or her unsecured debts or at least 70 percent of the unsecured debts were paid, and the plan was to pay them back in good faith, the six-year rule does not apply. If the later case is a Chapter 13 bankruptcy again, the filer cannot get a later Chapter 13 bankruptcy unless the case has been filed at least two years after the date the first case was filed.

Case Dismissed with Prejudice  

However, other exceptions exist to the rules listed above. The filer can be prohibited from filing a later bankruptcy case if the bankruptcy court dismissed the previous bankruptcy case with prejudice, meaning the person who had filed the case failed to comply with court orders, filed multiple cases with the purpose of deceiving creditors or the case was not filed in good faith.

If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com

Related Resources:

http://www.attorneys.com/bankruptcy/can-a-person-file-for-bankruptcy-more-than-once

http://www.alllaw.com/articles/nolo/bankruptcy/how-often-file.html

How long does bankruptcy stay on my credit report?

January 15, 2018 Posted by kingcade

A common question you might have after filing for bankruptcy is how long will it remain on my credit report?  When you file for bankruptcy, it is considered “public record” and is maintained by the court where the case was filed.

Under the federal Fair Credit Reporting Act, bankruptcies can be reported for 10 years from the filing date.  The three major credit reporting agencies will remove Chapter 13 bankruptcies seven years from the date the case was filed.  This type of bankruptcy involves paying some or all of the debt back over time.

Chapter 7 is a more straightforward bankruptcy and eliminates almost all unsecured debts, including credit card debt and medical bills allowing consumers to gain a fresh start financially. Chapter 7 bankruptcy can remain on a consumer’s credit report for up to 10 years.

However, there are ways to speed up the removal process.  Removing a bankruptcy requires filing a separate dispute with each of the three major credit bureaus. This dispute can either be over inaccurate information in your credit report or an inquiry to the credit bureau about how your bankruptcy was verified.  This process is lengthy, but it can be worth it.

While you are waiting for your bankruptcy to be removed from your credit report, make an effort to rebuild and improve your credit.  It is a bankruptcy myth that you cannot rebuild your credit after filing for bankruptcy.  Make sure you have accurate and positive credit information moving forward.

If you have any questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://blog.credit.com/2013/04/when-can-i-get-a-bankruptcy-off-my-credit-report-65750/

Debtor Beware: Bankruptcy Fraud has Steep Consequences

January 7, 2014 Posted by kingcade

Darren David Chacker, 41, of Beverly Hills, California and Las Vegas, Nevada learned the hard way after lying under oath during his bankruptcy hearing. According to evidence, Chaker filed for Chapter 13 bankruptcy on March 6, 2007. During his bankruptcy hearing that same month, while he was under oath, Chaker falsely and fraudulently represented to the court that his property was never leased out prior to January 2007, when in fact he had previously contracted with a realtor who secured at least two rental contracts with Chaker personally. In addition, he failed to disclose income and the existence of past and present residential leases of a property facing foreclosure in Houston to his creditor, Saxon Mortgage in the hearing and to the court.

Chaker was found guilty on April 4, 2013, after a five-day bench trial. U.S. District Judge Nancy Atlas sentenced him to a term of 15 months in prison to be immediately followed by a three year term of supervised release. He has also been ordered to pay a $2,000 fine. The sentencing also included special conditions that he not stalk or harass anyone and obtain mental health and anger management counseling.

It is imperative that the debtor be 100 percent truthful and forthright in all aspects of the bankruptcy process. The bankruptcy system is based on an honor system, which must be followed in order for all parties to benefit. The debtor must provide all of the necessary information requested by the trustee and be in compliance with the court’s orders to obtain the debt relief desired. We have created a website to help you better understand Florida bankruptcy laws and answer all of your questions relating to bankruptcy! Visit www.timothykingcade.net.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Houston Man Convicted of Internet and Bankruptcy Fraud Sentenced to 15 years in Federal Prison

January 23, 2012 Posted by kingcade

A 64 year old Houston man, James Maceo Ramey, was recently sentenced to 15 years in federal prison for 25 counts of fraudulent activity. Ramey was charged with bankruptcy fraud after an investigation proved he had filed 15 different bankruptcy cases in less than five years, all in different jurisdictions. Under Chapter 7 and Chapter 13 bankruptcy laws, an individual is prohibited from filing bankruptcy more than one time in an eight-year period, regardless of the jurisdictions.

During the period of Ramey’s bankruptcy scandal, he was conducting an Internet gold scheme as well. Ramey launched a website under a fake business name, “Manhattan Gold, Inc.” The website solicited the selling of numerous gold items, most in the form of coins, all of which, Ramey had no possession of or intent to actually distribute to consumers. During the gold scandal Ramey profited some $400,000, all of which he did not claim in any of the bankruptcy cases he filed.

After five days of deliberation, Ramey was convicted on all 25 counts. Eight of those counts were mail fraud, due to the Internet gold scheme. The other 17 counts were due to false oaths and declarations, concealment of assets, and conspiracy to commit bankruptcy fraud.

To read more on this story visit: http://7thspace.com/headlines/403574/internet_gold_scam_lands_houston_man_15_years_in_federal_prison.html

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

What Debt is Dischargeable through Bankruptcy?

June 27, 2011 Posted by kingcade

Bankruptcy laws specify that only particular types of debts can be discharged through bankruptcy. Chapter 7 and Chapter 13 bankruptcy allow borrowers to eliminate their unsecured debts. Unsecured debts include items such as credit card debt, medical bills, utility bills, service bills, personal loans, payday loans and judgments. Secured debts which are backed by some form of collateral, like a house, and debts incurred through fraudulent activity, student loans, tax debts, child support and alimony are typically not dischargeable in bankruptcy.

When you hire Kingcade & Garcia, P.A. our attorneys will provide a complete evaluation and give you an honest and accurate assessment of your financial circumstances. We help clients analyze their finances and determine the best path to debt relief. This past year our firm handled more than 1,500 bankruptcy cases, bringing debt relief to individuals, families and business owners throughout South Florida. If you are struggling with insurmountable debt do not wait any longer, set up your FREE office consultation today by calling (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.